IBT Staff Reporter

South Korea's LG Electronics Inc posted third-quarter net profit that beat expectations thanks to a soft local currency that boosted its price competitiveness and a strong line-up of mobile phones.

South Korea's LG Electronics Inc posted third-quarter net profit that beat expectations thanks to a soft local currency that boosted its price competitiveness and a strong line-up of mobile phones.

Profit taking in the technology sector weighed on Asian stocks on Wednesday, though they stuck close to a 15-month high, while some stability in the U.S. dollar and a rise in inventories pushed oil below $79 a barrel.

LG Electronics Inc posted better-than-expected results thanks to strong sales of key handsets and TVs, but faces weakening earnings momentum.

The time for the U.S. Federal Reserve to start pulling back its extensive support for the economy is not close at hand and policymakers have time to decide what sequence of steps they will take, San Francisco Fed President Janet Yellen said on Tuesday.

Some investors defrauded by epic swindler Bernard Madoff on Tuesday added accounting firm KPMG , JPMorgan Chase and Bank of New York Mellon to a civil lawsuit in a New York court, lawyer Joseph Cotchett said.

Dozens of employees at Galleon Group are hunting for new jobs as investors debate how to react after the hedge fund's founder was arrested and charged with running one of the biggest insider trading schemes.

Softer-than-expected U.S. housing starts last month and a drop in prices paid at the farm and factory gate pointed to an anemic economic recovery, backing views that interest rates could stay low for a while.

U.S. President Barack Obama said on Tuesday the relations between U.S. and Iraq were evolving into economy, trade and commerce and no longer exclusively security-related.

Barnes & Noble Inc on Tuesday unveiled its electronic reader in a challenge to Amazon.com Inc's dominant Kindle, featuring a color screen and the same $259 price, ahead of the holiday shopping season.

Bumper payouts to bankers should be seen as part of a longer term investment in London's economy, the vice chairman of Goldman Sachs International told a debate on ethics at St Paul's Cathedral on Tuesday.

An obscure hedge fund said it offered to buy $1 billion in debt from CIT Group Inc but declined to identify its source of capital. CIT would not comment on whether it was seriously considering the offer.

A 7-year-old girl from North Florida went missing Monday on her way home from school, triggering a massive ground and air search.

Yahoo Inc's quarterly profit more than tripled as cost cuts and asset sales more than offset a continued decline in sales, sending its shares up 5 percent. Chief Financial Officer Tim Morse told Reuters the Internet company's top advertisers were beginning to spend again.

Apple updated its entire Mac lineup on Tuesday, including its desktop iMacs, a new unibody MacBook, the Mac mini, and the newest addition to the Apple product line is a wireless, multitouch mouse. The company rolled out the new products just ahead of Window's 7 debut. Coincidence?

Stocks retreated from 12-month highs on Tuesday as disappointing housing and inflation data prompted investors to book recent gains despite strong results from bellwethers including Apple and Caterpillar.

The practice of brokers giving high-frequency traders unfettered access to the U.S. stock markets is raising anxiety among industry players who fear the risks it poses and the damage that could be done to their own reputations.

The dollar bounced back from a 14-month low against a basket of currencies in volatile trading on Tuesday as policymakers in Europe and Asia commented on the greenback's decline and options-related buying kept it from pushing though key levels.

The Aussie dollar continued to press higher in Asia yesterday trading marginally above the 93 cent handle following the release of the RBA board minutes with the central bank continuing to send the same bullish signals on interest rates. Support for the high yielding AUD continued throughout European trade with buyers lining up ahead of 0.9250 that was until North American investors entered. Disappointing housing data out of the U.S triggered a flight back into the Greenback and subsequently pus...

Poornima Gupta

U.S. stocks retreated from 12-month highs on Tuesday as disappointing housing and inflation data prompted investors to book recent gains despite strong results from bellwethers including Apple and Caterpillar.

BHP Billiton, the world's largest miner, has declared force majeure on some copper and uranium contracts after damage to a shaft at its Australian Olympic Dam mine, it said on Wednesday. The miner has sent force majeure notices to some customers, a move that frees it from liability if it can't meet a contract due to events beyond its control.

The internal watchdog for the U.S. Internal Revenue Service is expected to warn the agency for the fourth time about fraud in the multibillion dollar homebuyer tax credit program, according to a report to be released at a congressional hearing later this week.

High-stakes talks between Iran and big powers that stalled Tuesday will resume Wednesday and the U.N. nuclear watchdog chief said a deal was still in reach to help allay concerns about Tehran's nuclear program.

One of the most popular tourist destinations in the world, Italy has few, if any, unexplored corners. Places like Capri or Taormina can sometimes seem like a caricature of themselves, their natural beauty suffocating amidst tourist hoards and souvenir shops.

Yahoo Inc's third-quarter profit more than tripled from a year ago, beating Wall Street estimates and sending its shares climbing 3 percent.

The European Commission underlines its commitment to creating a system where ailing banks can collapse without dragging down the economy in a draft of a document due to be released this week.

U.S. stocks retreated from 12-month highs on Tuesday as disappointing housing and inflation data prompted investors to book recent gains despite strong results from bellwethers including Apple and Caterpillar.

California's attorney general sued State Street Corp on Tuesday for committing an unconscionable fraud against the state's largest pension funds and is seeking to recover more than $200 million in alleged illegal overcharges and penalties.